Jester Corporation's most recent income statement appears below:Income StatementSales (all on account)$610,000 Cost of goods sold 340,000 Gross margin 270,000 Selling and administrative expense 160,000 Net operating income 110,000 Interest expense 20,000 Net income before taxes 90,000 Income taxes (30%) 27,000 Net income$ 63,000 The beginning balance of total assets was $360,000 and the ending balance was $320,000. The return on total assets is closest to:
A. 26.5%
B. 22.6%
C. 18.5%
D. 32.4%
Answer: B
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Indicate whether the statement is true or false
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